Summers v. . McKay
Supreme Court of North Carolina
Civil action, tried before Mitchell, J., at Spring Term-, 1870, of Iredell Court. The plaintiff declared upon a note for $1,000, dated May 26, 1862, given for Confederate Treasury notes, by the defendant McKay to tbe defendant Shepherd, and endorsed by the latter, October 13, 1863, to the plaintiff.
Read the full summary
Civil action, tried before Mitchell, J., at Spring Term-, 1870, of Iredell Court. The plaintiff declared upon a note for $1,000, dated May 26, 1862, given for Confederate Treasury notes, by the defendant McKay to tbe defendant Shepherd, and endorsed by the latter, October 13, 1863, to the plaintiff. Upon the trial the defendants offered to prove that the endorsement, was made in consideration of a tract of land bought by-Shepherd of the plaintiff at an administration sale, and that the value of such land was $80. To this the plaintiff objected, but the evidence was admitted by the Court.…
1Opinion of the CourtSettle, J.
McKay, the maker of the bond, certainly has no right to complain, if he is required to stand by his. obligation, as interpreted by the ordinance of October 18th 1865, and the acts of 1866, chapters 38 and 39. He put his negotiable paper upon the market, and it is a novel idea that hé can afterward discharge it by paying the price which a third party may have paid for it. Tet this is the argument, and it is contended that as the payee Shepherd, assigned this bond to the plaintiff in consideration of,, and inpayment for, a tract of land, the obligation of the maker is thereby changed from what…
2Cited by3 opinions
- Wooten v. . SherrardSupreme Court of North Carolina · 1873
- Boykin v. . BarnesSupreme Court of North Carolina · 1877
- Sanders v. . JarmanSupreme Court of North Carolina · 1872